Key Highlights
-
Cardano’s ADA slid 4.47% on Sunday, reversing Saturday’s 1.61% gain, to end the day at $0.3475.
-
An early intraday high $0.36698 fell short of the day’s first major resistance level at $0.3732, with a reversal through the morning seeing Cardano’s ADA slide through the day’s first major support level at $0.3562 and second major support level at $0.3486 to a day low $0.336.
-
Sunday’s slide left Cardano’s ADA in the red for the week, down 4.35% Monday through Sunday.
How to Buy Cardano (ADA) The Complete Guide
Cardano’s ADA Price Support
Cardano’s ADA fell by 4.47% on Sunday, more than reversing Saturday’s 1.61% gain, to end the week down 4.35% at $0.3475.
An intraday high $0.36698 at the start of the day fell short of the day’s first major resistance level at $0.3732, with a broad market sell-off seeing Cardano’s ADA fall through the day’s first major support level at $0.3562 and second major support level at $0.3486 to an intraday low $0.336 before partially recovering to $0.34 levels through the afternoon.
In spite of Sunday’s losses, the bullish trend formed at 6th April’s swing lo $0.14 remained intact going into Monday, with Cardano’s ADA having struck a new swing hi $0.388 on 3rd May, with price predictions favoring Cardano’s ADA for the year ahead.
At the time of writing, Cardano’s ADA was down 5.91% to $0.328, with a broad-based cryptomarket sell-off seeing Cardano’s ADA slide through the day’s first major support level at $0.3333 to an intraday low $0.32, calling on support at the 23.6% FIB Retracement Level of $0.3295 to hold off more material declines to sub-$0.32 levels.
For the day ahead, continued support at the 23.6% FIB Retracement Level of $0.3295 would support an afternoon recovery, though market sentiment will need to see an improvement through the morning to support a breakout and run at the morning’s $0.34944 high.
Failure to break out from $0.3295 could see Cardano’s ADA fall deeper into the red through the afternoon, with the day’s second major support level at $0.3192 in play, key resistance levels likely to be left untested through the day, the day’s first major resistance level sitting at $0.3643.
In spite of this morning’s losses, the bullish trend remains intact though a fall through the day’s 38.2% FIB Retracement Level of $0.2933 would certainly test investor resilience and see the start of a bearish trend from 3rd May’s swing hi $0.388.
With Litecoin taking less of a hit through the Sunday and the early part of the day reversal, hopes of Cardano’s ADA taking Litecoin’s number 6 spot in the market cap rankings will be on hold for now, with investors have shown little interest in Cardano’s blockchain tech and adoption through the current market sell-off.